Lloyd’s, a global re/insurance marketplace, has announced the opening of a new office in Miami to strengthen its business in Latin America and the Caribbean. The office will open on September 1, 2024, and will support brokers, coverholders, and managing agents in Spanish-speaking Latin America and the Caribbean. This move will create another hub in the Americas to service overall business in the region.
In 2023, Latin America and the Caribbean accounted for 4.6% of Lloyd’s gross written premium, which amounted to USD $2.7 billion. The majority of Lloyd’s business in Latin America is reinsurance (93.6%), while reinsurance accounts for 21% in the Caribbean. The new Miami office will align operations across four offices in the Americas, including New York, Rio de Janeiro, and Toronto, to better support stakeholders and market participants.
The expansion into Miami will allow Lloyd’s to provide more support and expertise to its stakeholders, particularly in the excess and surplus lines (E&S) sector. The office will also facilitate the growth of the Lloyd’s Academy and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational business, and new capital.
Dawn Miller, Lloyd’s Chief Commercial Officer and CEO of Lloyd’s Americas, expressed excitement about the opportunities that the Miami hub will offer. The office will enable closer collaboration with the market in Latin America and the Caribbean, while also providing support across the US, particularly in Florida and other states in the Southeast. Latin America and the Caribbean saw a 14.5% increase in premium year-over-year in 2023 and continue to be significant markets for Lloyd’s.